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Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

BID TO SLOW TRAFFIC ON M3 STRETCH

FIRST it was a stretch of the M1 and now the same speed reduction plan has been announced for a stretch of the M3 motorway in Surrey and Hampshire. The Highways Agency (HA) has proposed that a three-mile section of the M3 between junction 3 at Lightwater in Surrey and junction 4 near Farnborough in Hampshire be subject to a 60mph restriction. This section is part of a 13.4-mile stretch that is being upgraded in a £174 million scheme, with the 60mph proposal, to operate between 7am and 7pm daily so air quality levels can be met.

Shelby American to host Shelby Vegas bash

The 2014 Shelby Vegas Bash is set to begin April 14, leading right into the 50th birthday celebration of the Mustang Club of America. “With the Shelby Vegas Bash leading into the MCA 50th birthday celebration, we're expecting this year to be bigger and better than ever,” said Joe Conway, CEO of Shelby American. “This will be the first opportunity to host Shelby members and enthusiasts at our new world headquarters in the heart of Las Vegas.” The Pacific Coast Team Shelby Region will start the event with a 300-mile drive from Palm Springs, Calif., to the Shelby headquarters, which will have many cars on display, along with live music and a meet and greet.